CFA Institute released the August 2026 Level I results on 24 September 2026. Of the 28,145 candidates who sat the exam worldwide, 43% passed — above the Level I ten-year average, according to CFA Institute.
The more useful numbers sit further down the announcement. First-time candidates passed at 49%. Candidates who had deferred at least once passed at 29%. The May 2026 window showed exactly the same 20-point gap. Two windows in a row is a pattern, and it should shape how you register for your next exam.
August 2026 next to May 2026
| Metric | May 2026 | August 2026 |
|---|---|---|
| Candidates | 31,566 | 28,145 |
| Overall pass rate | 39% | 43% |
| First-time candidates | 45% | 49% |
| Deferred at least once | 25% | 29% |
| Gap between the two groups | 20 points | 20 points |
The August exam ran at 519 test centres in 412 cities across 116 markets. Every group rose by four points compared with May, so the whole field did better — but the gap did not move.
How to read a 20-point gap that keeps repeating
- It is not a fixed penalty. Many people defer because they are behind, so part of the gap reflects who defers, not the act of deferring.
- But deferring does not close the gap either. If an extra window reliably helped under-prepared candidates catch up, the deferred group would converge on first-timers. Two consecutive windows say it does not. CFA Institute's own deferral policy page describes deferred candidates as consistently the weakest-performing group, with pass rates as low as 20%.
- The mechanism is ordinary. CFA Institute estimates a deferral means roughly another 300 study hours, because material fades faster than it can be reviewed.
From February 2027, no more paid deferrals
On 5 March 2026 CFA Institute announced that, from the February 2027 exam cycles onward, the paid deferral option ends. Candidates who do not sit their scheduled exam forfeit their registration fees and must re-register at the rate available for a later exam. Pregnancy is also removed as a ground for emergency deferral, except for life-threatening complications; CFA Institute says it can help pregnant candidates with exam-day arrangements.
Candidates registered for a 2026 exam can still buy a USD 449 deferral before the paid deferral deadline. 2027 exams, which opened for registration on 5 May 2026, carry no paid deferral option.
When Level II and Level III results arrive
- Level II (August 2026): 30 September 2026
- Level III (August 2026): 20 October 2026
If you just passed Level I, registration for the May 2027 Level II exam is already open.
Did not pass Level I? Choosing your retake window
Level I is offered four times a year, usually in February, May, August and November. Retakes are limited: at most two attempts per calendar year, never in consecutive windows or in windows less than six months apart, and no more than six attempts per level. For an August 2026 candidate, November 2026 is ruled out; the registration system only shows the windows you are eligible for.
Then choose on three questions: where you lost marks (read your result report by topic), how many hours you can protect in your busiest weeks, and which window you are certain you will actually sit. With paid deferrals gone, a slightly later window you keep beats an earlier one you abandon.
Clever Academy's free CFA Level I roadmap webinar on 10 October 2026, 15:00–16:00 (Vietnam time) covers choosing a window and planning study hours around a full-time job.
Sources
- CFA Institute Reports Results for CFA Program Level I Testing in August 2026 — CFA Institute, 24 September 2026
- CFA Institute will change its deferral policies beginning with the 2027 exam administrations — CFA Institute, 5 March 2026
- CFA Program Deferral Policy — CFA Institute
- CFA Exam Eligibility Policy — CFA Institute
All figures, dates and policies come from CFA Institute pages, checked on 25 September 2026. Analysis and recommendations are Clever Academy's.